同儕公司對企業現金持有之影響：以臺灣上市櫃公司為例

Abstract

本研究旨在探討同儕公司的現金持有政策對臺灣上市櫃公司現金持有政策之影響，由於同儕公司提高現金持有能作為其後續積極經營策略的資金來源以創造競爭優勢，個別公司應將同儕公司之決策納入考慮並做出回應。實證結果發現公司現金持有與產業同儕現金持有呈正相關，顯示同儕公司的決策也是公司現金持有的重要影響因素之一，且高研發支出和規模較小的公司更傾向模仿同儕公司的現金政策，分別歸因於現金有助於公司在專利權競爭中勝出以及小公司因自身資訊劣勢而透過模仿同儕行為避免錯過潛在投資機會，此外，本研究也發現公司受到同儕影響而提高現金會用於後續的投資支出。

This paper studies the peer effects on the corporate cash holdings in Taiwan. Since peer firms can use their cash holdings to fund aggressive strategies for gaining competitive advantages, the firms should take into account and respond to decisions made by their peer firms. The empirical results reveal a positive correlation between a firm’s cash holdings and its peer firms’ average cash holdings, indicating that the decisions of peer firms are one of the important factors for a firm’s cash holdings. We also find that such peer effects are stronger for firms with higher R&D expenditures because higher cash reserves increase the possibility of winning the patent races. Furthermore, because of the information disadvantages, small firms are more likely to mimic the cash holdings of their peer firms to learn additional information about future investment opportunities. Finally, the empirical results show that firms influenced by their peer firms tend to use increased cash holdings for subsequent investment expenditures.